BoS Vantage wiil the Interest be Raised? 6 November 2022 at 4:52PM in Budgeting & bank accounts 3 replies 251 views

david1946

Due to ill health I haven't been keeping my eye on the ball recently and have just realised that while I have been keeping a minimum of £5000 in my BoS Vantage account my Marcus savings account interest has gone up to  2.5%.

As it is now no  longer worth while keeping £5000 in my BoS Vantage account now I am just keeping enough in the account to pay my DDs and transferring the remaining balance to my Marcus account.

However is it possible that the BoS will raise the interest rate for the vantage account now the base rate is going up?

I would switch to another current account to get a switching bonus but I don't think there are any left that I could switch to.

I suppose I should go around closing all the accounts I have that have zero balances or pennies for balances.
 

eskbanker

david1946 said:

However is it possible that the BoS will raise the interest rate for the vantage account now the base rate is going up?

It's possible, yes.

david1946 said:

I suppose I should go around closing all the accounts I have that have zero balances or pennies for balances.

Why?  If you keep accounts open they may reintroduce competitive interest rates (see Marcus) or at the very least allow you to open new accounts at these providers with minimal friction.

adindas

david1946 said:

Due to ill health I haven't been keeping my eye on the ball recently and have just realised that while I have been keeping a minimum of £5000 in my BoS Vantage account my Marcus savings account interest has gone up to  2.5%.

As it is now no  longer worth while keeping £5000 in my BoS Vantage account now I am just keeping enough in the account to pay my DDs and transferring the remaining balance to my Marcus account.

However is it possible that the BoS will raise the interest rate for the vantage account now the base rate is going up?

I would switch to another current account to get a switching bonus but I don't think there are any left that I could switch to.

I suppose I should go around closing all the accounts I have that have zero balances or pennies for balances.

Possible interest raise, yes

Think twice before closing them.  Transfer most money to a better paying rate and keep around £1.0 in it and revisit it when you need it. It cost you nothing to keep it.

This account is a condition to get a monthly regular saver to get 4.5% one of the best in the league. You could now benefit it to open this RSA.

This account could be useful in the future like when they raise interest rate. Open a new account for this will subject to credit search again.

You could also use is as sacrificial account for switching when opportunity arrive.

WillPS

adindas said:

david1946 said:

Due to ill health I haven't been keeping my eye on the ball recently and have just realised that while I have been keeping a minimum of £5000 in my BoS Vantage account my Marcus savings account interest has gone up to  2.5%.

As it is now no  longer worth while keeping £5000 in my BoS Vantage account now I am just keeping enough in the account to pay my DDs and transferring the remaining balance to my Marcus account.

However is it possible that the BoS will raise the interest rate for the vantage account now the base rate is going up?

I would switch to another current account to get a switching bonus but I don't think there are any left that I could switch to.

I suppose I should go around closing all the accounts I have that have zero balances or pennies for balances.

Possible interest raise, yes

Think twice before closing them.  Transfer most money to a better paying rate and keep around £1.0 in it and revisit it when you need it. It cost you nothing to keep it.

Agreed, no need to close up, just drain the accounts and then you have them ready to go if they become competitive again. (Or use one/some of them as donors for switching bonuses.)